Senate Resolution No. 4428

BY: Senator COMRIE

MEMORIALIZING Governor Andrew M. Cuomo to proclaim
April 2018, as Financial Literacy Month in the State
of New York

WHEREAS, The State of New York takes great pride in acknowledging
months in recognition of important issues; and

WHEREAS, Financial Literacy Month will be celebrated during the
month of April 2018; and

WHEREAS, Personal financial literacy ensures that individuals are
prepared to manage money, credit, and debt; it also helps them become
responsible workers, heads of households, investors, entrepreneurs,
business leaders, and citizens; and

WHEREAS, In 2017, the United States household consumer debt profile
was: average credit card debt: $15,654; average mortgage debt:
$173,995; and average student loan: $46,597; and

WHEREAS, In total, American consumers debt totaled nearly $12.96
trillion; and

WHEREAS, Credit card debt is the third largest source of household
indebtedness; mortgage and student loans debt markets are larger; and

WHEREAS, Sixty-two percent of all Americans are living paycheck to
paycheck; and

WHEREAS, Expanding access to these mainstream financial institutions
will provide individuals with less expensive and more secure options for
managing their finances and building wealth; and

WHEREAS, Increased financial literacy empowers individuals to make
wise decisions and reduces the confusion caused by the increasingly
complex economy; and

WHEREAS, Because of the present financial crisis, there is a need
for further support through government and private partnerships that can
provide efficient use of resources to leverage technology advancements
to reach additional consumers; and

WHEREAS, A greater understanding of, and familiarity with financial
markets and institutions will lead to increased economic activity and
growth; now, therefore, be it

RESOLVED, That this Legislative Body pause in its deliberation to
memorialize Governor Andrew M. Cuomo to proclaim April 2018, as
Financial Literacy Month in the State of New York; and be it further

RESOLVED, That a copy of this Resolution, suitably engrossed, be
transmitted to The Honorable Andrew M. Cuomo, Governor of the State of
New York.